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here. what can you tell us? >> maria, it is the guidance, intel guiding to the current quarter being $4.3 billion. the street -- $14.3 billion, the street was looking for 14.6. also full year guidance, intel is saying they expect growth in the 3 to 5% range. they had set high single digits so they are guiding down for a full year, 2012 will have to wait for the interview with stacy smith who will be on our air shortly to find out exactly why they are guiding down. and europe, asia, it's tough out there. >> it's not a surprise. we saw a number of technology names in recent weeks guide down as well talking about a tougher environment in europe and margin pressure. >> tough environment in north america also. i d.c. came out with numbers recently showing the major pc makers having a lot of trouble, particularly hp, maintaining its first place ranking among pc makers but ludsing quite a few pc sales as well. the corporate refresh cycle, saying slowing down. all of that probably hitting intel. in the past they have been able to outrun that based on growth and emerging markets, particularly in
.4% in the second quarter. there's a surprise 2.2% jump in inflation. >> hsbc is to post a jump. >> u.s. investors are looking ahead to a busy week. >>> okay. so welcome to the first trading day of the week. we're weighted to the upside one hour in the trading session for europe. after of course big rallies on the last few trading sessions of last week. the ftse 100 down half percent last week but up 2% the last three trading days. up 4.68% in the last three trading days. ftse 100 up. dax up two-thirds. the ibex today up another 1.75%. italy has got an auction out this morning. the auction focusing on -- i was going to show you three. but we got five and ten years very much in auction as well. 5.97% is where the ten year is trading. auction last month, the yield was 6.19%, lower today. the italian five year trading 5.28 at auction last month they hit 5 policy 84. auctioning up to 5.5 billion. yields in spain remain at 6.649%. hundred basis points lower. ten year bunds up to 1.4%. treasuries hit a record low. big week with the fed and employment report and of course the ecb, bank of england as well
in the foreseeable future. >> all right. stephane, thanks for that. joining us now for the first half of today's program, will oswald. thanks for joining us. how quickly is this unraveling? what's the next stage of this story? >> one of the things that we've been talking about for really some time now is that globally we're talking about something that looks a bit like a deleveraging black hole. what we mean by that you got across multiple different economies both in the private and public sector you got very large amount of debt levels that you need to bring down but of course over multiple years. this idea that we can get some quick adjustment, we have the process that goes through, everything is moving forward isn't going to happen. so when we look at a country like spain, if we look at it on a standalone basis, what can we do, looking at it in isolationist is the wrong way. spain is not sustainable. this is a workout process on a multiyear horizon. what provides you to step over "from the edge" is support whether it comes from the troika, they are going to greece this week, the ecb steppin
have the composite euro zone out for us. on the urow zone p mi, 47.6. it was 47.2 was the full cost, and then slightly better than we thought on that. the july manufacturing was 44.1. that was 45.3 was the forecast. so the new orders, 42.9, that's weaker than 43.5 in july. the flash composite pmi is 46.4 and the manufacturing component dragging that down versus the 46.5 we might have expected and 46.4 in june. so up matching the june level. joining us in the studio is chris williamson, chief economist at market which helped to compile the data. thanks for joining us. let's kick it off with the german number there, because that's weaker aacross the board than we might have thought, and the new orders contracted for the third month in a row. no signs of any stabilization in a contractionary levels. >> indeed the contraction is getting more severe. that's the key to all surveys out this morning. that german number is coming down. there's some blurring of the data by what's going on in france at the moment. the only area that we saw across the euro zone that saw any sort of improvement
european blue chips including novartis. >>> positive earnings outlooks from u.s. tech giants ibm, e-bay and qualcomm. >>> smartphone tablet marketers power the world's big jegest ch makers. >> media reports say credit deutsche bank and hsbc are being investigated over alleged libor actions. >>> okay. so another show is under way this morning. >> you already had quite a busy day. >> kind of fascinating to me that this new launch of an exchange in london, in new york you had nyse and london will have more direct competition. >> what they will do, they will get companies that are already listed in europe and get them to come. >> easier to do it that way. >> so they get another pool of investors. something big has already start this morning. >> what do you mean? >> the opening championship. >> with golf. okay. >> under way. tiger tees off in 40 minutes. >> we'll bring that to you live. >> the lower house of parliament is due to vote on the spanish bailout. >> chinese banks boost lending in july. they plan to subsidize overseas development. we will find out where the money is flowing. >>
strategy what about the u.s. and the impact? my conversation with one of the most powerful women in the world. the international monetary fund christine lagarde, talking about america. >>> and a nation of wusses, what current politicians are afraid to say. why nobody is making the tough changes they need to make, "the wall street journal report" begins right now. >> here is a look at what is making news as we head into a new week on wall street, we had another disappointing jobs number to report, the economy add'd just 80,000 jobs in the month of june, well below expectations. the unemployment rate held steady at 8. %. it made the economy the weakest for job growth in two years, adding just 75,000 per month, a third of the jobs created in the first quarter. well, that drove the markets down at the open on friday after hitting their highest level since early may during the holiday shortened week. >> bob i do mond is out after he resuned after the bank admitted to fixing a key interest rate. i can mond is an american, largely credited with expanding barclay's revenue. >>> ford was
romney's running mate. we'll get the latest from u.s. campaign trail. >>> buy whatever the fed buys, whatever that might be as we chief to fixed income strategy at wells fargo advisers at 11:15 cmt. >>> shares in credit suisse are trading higher after they boost by 15 million francs. and carolyn is with us, she's on set. >> it would be handy if you were in zurich today. >> it would have been handy but you never know when the companies prerelease. credit suisse was slated to report those earnings next thursday. today because of what it is trying to do, it's trying to dispel downs about its capital levels. let me give you a little background because last month credit suisse bank came out in national stability report and criticized credit suisse about feeble capital levels saying it needs to raise capital levels. we saw shares trading at a 20-year low. we saw significant declines there. and credit suisse over the coming weeks has been trying to reassure investors about its capital levels came out with a statement saying second quarter was profitable. today, we've got that prerelease as
to release more key data including june figures tomorrow and second quarter gdp figures on friday. joining us now nor is associate director at taiji. walk us your biggest concern. >> clearly it's the eurozone and the united states, but just briefly on china you mentioned that the inflation data there was relatively slow. not necessarily. inflation itself, inflation or deflation doesn't really show necessarily how much the economy is growing or contracting. i mean certainly we know anyway that the purchasing managers index has been or producing price index as been going better. in part that's due to a drop in commodity prices so doesn't necessarily show you that the economy itself is slowing that much. in manufacturing as we know the figures for june were just about 50% but still that's not contracting either. in the u.s. who can be surprised that there's some issue with manufacturing growth, there's a lot of going to europe and united states. in june the service sector numbers, they were very strong and in fact you had the number coming in at 67.7, fastest growth in three months and 43% of th
santelli at the cme. also with us, paul christopher. ron, i'll start out with you. what do you think the second half of the year will look like? >> a great technical analyst on wall street had talked about the news response syndrome on wall street and today we got bad news across the board. slow down in manufacturing, domestically and overseas. it's held up relative to the past two summers. so i think the bank of england is likely to ease i wouldn't want to bet against central bankers right now. >> the bernanke put is in place. >> paul, you see a better second half, as well. why. >> and we break thagree hat liq force is a positive one. might be a sluggish start to the quarter, but we look for a better end to the second half. >> do you agree with what was just laid out and what's the strategy that you would employ. >> looks like we've got a lot of headwinds facing this economy and this market however we have an awful lot of values. the value is one of thoefs tough things to try to determine. if you look at edward munch's the scream, someone paid $10 million worth of that. i wouldn't p
forget about culture within a firm, and culture is important not just at an u.s. attorney's office, not just in government, not just in congress, not just at any school or institution it's important. at a business organization and in particular at financial institutions it i'm shocked and amazed at how few people think about that. you have a conference named delivering alpha, but i wonder in my conversations with people, not sitting and reviewing indictments, that they're not spending enough time thinking about the kinds of people they're hiring, the culture they're creating in their firm -- the thing that happens to me a lot, and we talked about this, is in many police stations, not just in the business community but in too many institutions, but we're here to talk about the business community i think, of people wanting to come as close to the line as possible. and they think my job, and the job my corporate council should be is to tell me how close to the line i can get to maximize my profit without going over the line. the problem with that is is it is a dangerous game to play.
numbers from tata consultancy services. the ceo will tell us how his company is managing under tough economic conditions. >>> we'll get goldman sachs' view on how the olympics will boost the uk economy. >>> and we'll speak to the ceo of monix to find out how much the percentage of u.s. investors investing in asia has declined. the answer to that question and more in just under an hour. >>> and we'll speak to a banking analyst in new york to preview, of course, those jpmorgan numbers. he says the stock is a buy at this level and expects today's report to provide closure and stability for the bank. >>> well, the world's second largest economy has grown at its slowest pace in three years. china's second quarter gdp rose 7.6% hurt by weak real estate investments and falling demand at home and abroad. retail sales and factory output growth also slowed in june. markets, though, rose on the back of the data as investors were relieved the figure wasn't worse than expected. joining us now is our guest host for the hour, jeff lewis, global market strategist at j pchpmorg asset management and a
think the u.s. economy possibly by the fourth quarter will be in a recession, and recession usually comes with bear markets. we have central banks around the world doing everything they can to keep us out of further weakness. the only reason that the s&p's are because of the prospect -- >> so which it really that spike in yields, the spanish debt, and the italian debt that unnerved the markets? what's behind this? it feels like it's a real headline risk driven market. >> yes, it reinforces the difficulty europe is having. it's on the heels of what the market thought would cure this. it's sovereign from the bailout to the individual banks and people realizing it's not as clear as that. that recession is likely intensifying. it's slowing down, and i think the u.s. economy is heading to a recession and there is negative implications for earnings. >> let's talk about earnings, because as peter says, we're going toward a recession here. we have chipotle today with bad guidance and revenue growth slowing there. should investors be more concerned than they seem to be? >> i think they shoul
. plenty coming up as we move throughout the next couple of hours. we're pleased you've come to yoin us to run through this journey we are about to embark upon. i'm getting a bit overexcited. >>> still to come on today's show, as i try to calm down a little bit, we'll be speaking to senior strategist between the relationship between australia and china and what it means for the aussie/dollar, what he think investors should expect in terms of further losses. >>> we'll preview the interest rate decision due in brazil as policy makers are expected to slash rates there to a record low. >>> indonesia is only one of the rapidly growing markets that one of our upcoming guests says will be the engines of global growth next year. find out which other countries she says fit the bill at 10:45 cet. >>> 11:35, 5:30 a.m. eastern, we'll head out to dallas to find out one why money manager is telling investors to look at distressed assets in u.s. as opposed to europe snooze the spanish prime minister has unveiled further austerity measures after warning growth will be close to zero in 2013. rajoy says
of interest. >> we'll see why japanese auto earnings are getting back on track. >> the cf buy join us first on cnbc after lifting guidance for the year. >> we're joined by guests at 11:30 european time. he says it could spike above 30 and hit 40. >> a set of disappointing results for two of europe's biggest banks this morning. the second kquarter profit was halved and ups numbers hit by a big drop in trading revenue and a significant loss on facebook's controversial ipo. carolyn, let's catch up with you, first of all. it's amazing how one flirtation can have so much of an impact. >> yeah, but, russ, that's only part of the story. let me run you through the numbers. you can't really sugar coat is because these numbers were much worse than expected, specifically in the investment banking unit which had a surprised pretax loss of 130 million swiss fra francs. it was the slump in trading revenues, and the fallout from the disastrous facebook ipo for which it is incurring a $350 million loss. ubs told us this morning it will take appropriate legal action against the action in dak for the, quote
to the week yesterday, with the retail sales from the u.s., we have a full agenda today. inflation. >> a lot of chatter. >> a lot of libor, more data, bernanke. >> maybe this will excite is market a little bit. we had our seven down monday in a row which tells you more about the market than mondays. >> it's like that song. why i don't have mondays. >> i have to do googling. >> it's an old one. let me remind you what's on the slate. coming up will be questions about libor and the bank's stability report. eclipsed by the rate fixing scandal. turner told lawmakers that investigations into other bank are ongoing subsequent to barclays admission of rate manipulation. >> events over the years was giving us an impression, as we said in my letter about a pattern of behavior which we felt precisely in gaming the system. >> also appearing before uk lawmakers yesterday the former chief operating officer of barclays insisted he's not the fall guy in the libor fixing scandal. he said end he was acting under orders from ceo bob diamond after discussions with the bank of england. >> let's go back to this t
to continue. >> we go to washington, d.c. for a preview of u.s. gdp. how much will growth have slowed in the three months from june after first quarter. >> facebook fails to impress wall street. >> did i not ahead of facebook float. >> you were very skeptical. >> that was on record. >> that was on record. we have to go back and show people your level of skepticism. >> i'm just saying that. >> duly noted. a lot of people were excited. >> unemployment in spain has risen to the highest level since current records began. the jobless hit 24.6% in the second quarter and it's the worse reading since the spain returned to democracy. stephane is in madrid. we'll be with caroline in one second. these figures came in a touch better but the country's economic situation continues to deteriorate? >> reporter: a bit better than expected. it's not as worse as we feared. 4.6%, up from 24.4% at the end of march. below the average forecast of 24.85%. that was the forecast at reuters. second quarter is usually good for spain because of seasonal jobs. this year it did manage to upset the negative trend of
that iranian oil output is falling in june to near 22 year lows as well. bringing back info use supply disruption that they are pointing out. let's just get a comment here from the head of research at orient financial markets. thanks for coming along. the iaea talking about oil demand. we get a read through sort of the global economic picture as well, talking about this muted recovery in global economies in 2013 and a very small increase in oil demand from 2012 into 2013. does that square with your global view of how the economies are likely to recover? >> yes, pretty much. i think what we've seen from china, what we saw korea today in terms of rate cuts, the japanese are holding steady because they already are at zero rates and not a whole lot more to do but the central banks certainly tend to agree with the assumption about the global slow down and it's inevitable under those circumstances that oil demand will go down. certainly from our part of the world here, there's no question that the amount of oil that we expect to be consuming for the remainder of this year and 2013 is not goi
. >> alcoa begins earnings season in the u.s. with a mixed set of results as the company posts a net loss. they say it expects a rebound in aluminum prices. >> falling domestic demand pushing down china imports while higher exports help the country's trade surplus. >> plus marcus aegis will testify about libor one day after paul tucker comes under fire. >> any other government minister? >> no. >> it almost worked out okay. we're back for day two. >> back by popular demand. >> parental support has been amazing. thrilled to have you back. ross is out for the rest of the week. we have policemen of news. >> loads. let's give you a rundown. we'll be examining the latest data out of china. we have a senior chinese economist who will be joining us. he said there's no further rate cuts. >> judges will consider whether the german president can okay legislation governing europe's bailout fund. >> research in motion will have a meeting in ontario. how can they face tough competition. >> and warsaw wins the prize for having the worst traffic problems in europe. find out what other cities are grapplin
in british banking, which is what the british public want to see. >> joining us is bank equity researcher at lie brum capital and the guest host for the hour. vice president of wells management, singapore for ocbc bank. core mack, first to you, this decision a surprise? >> not really actually. there was a story in the ft overnight saying that bob diamond was threatening to reveal embarrassing details and if he was pushed. when things descend to those levels, it's inevitable that the ceo is on the way out. >>> is this story about the bba, the bank of england and those -- >> my cynical view is that he's being used as a scapegoat. if you tried to settle the issue over the last five or seven years, which is the time in which to some extent the distortions were occurring, you would start to have systemically claims. given we're in a economic slowdown, there's a reason for regulators to turn barclay's and mr. diamond into a scapegoat and hopefully the lybor issue you will die away. >> look, it was four years ago that they brought the issue to light with regulators. it's been going on for quite
a study out of australia show that men use navigation more than women. they use it compared to just half of the women surveyed. you can read the entire story on phil lebeau blog. "closing bell" is coming up next, see you tomorrow. >>> i have never seen a woman in road rage, ever. >> i have, absolutely. full of a car of kids and dogs and things like that. welcome to "closing bell." i'm filling in today for maria bartiromo. she will be back tomorrow. >> the fed will issue their latest policy statement tomorrow, and investors not taking any chances ahead of that, taking this wait and see mode. most of wall street not expecting any major fed action, but the bulls could get a rude awakening if bernanke and company don't often any more clues. investors are a bit jittery today despite positive economic data. look at the zigzags. that is an indecisive moment right now. the market is down, and the chart show it's positive, and the s&p down 3.6 points. will they or won't they. that is the question investors are requesting about the fed's next move right now. they made their guess, so now it's
countries are ones that will have that burden of support. >> and that's exactly what ifo used euro crisis increasingly burdening the german economy. more reaction on that. plenty more on the hoe. we'll be in barcelona, catalina, looking to be the first to request a state rescue. >>> lg electrics, cell phone business struggles. >>> in uk, second quarter reading of gdp is expected to show economy is still in recession. we'll bring you those numbers in under half an hour. >>> at 11:30 central european time we'll head out to brussels where the eu commissioner overseeing financial services gives a press conference on the future of libor. >>> we'll speak to an israeli venture fund capitalist who says necessity are creating the best tech outside of the u.s. >>> no letup in sight for spain as yields continue to edge higher. take a look the what's happening across the curb. you can see the two-year just kissing that 7% level. still a bit below it, 6.95%. five and ten-year are vying to be on top. about 7.66%, yield for both of those. they are importantly both above what the 30-year is yielding at 7
to be careful. i think the area to invest is in the u.s. that's what people should focus on. >> anthony chan, same question to you, would you be looking overseas? we have the numbers from last friday. they were about as expected. it's obviously things are lowing down there. there are so many company that's have been thrown out needlessly so, but maybe there are opportunities there people are overlooking right now, do you agree with that? >> right now we have a overweight to large cap high paying dividend stocks. we have a regional tilt, but we're certainly looking overseas. but when you look at what will happen over the next five or ten years, that's where the growth will come from. if they grow faster they're going to get larger capital gains for the next several years. the issue is let's look for a good entry point. >> guys stay there. we have all of these earnings being released. we want to figure out what many of them mean. john ford is standing by with some of those, one a little company called ibm, right? >> yes, big news for both, first qualcomm in the results and the guidance. the re
indication for two months. that means certain things, and what's interesting to us, we have been saying that europe was the key for financial stocks because -- if we had the confidence for 40 years in the u.s., i have beenble to play the fed, when the fed loosened up, we were confident that the economy would come back because people knew what the numbers were. not so sure that china comes back as quickly as the u.s. did when the central bank of china loosens up. >> so china is a bigger unknown. let's talk about this. this fiscal cliff when the bush tax cuts expire along the programs at the end of the year, and that will push companies to fire people. they will not keep the workers on. so what do you think happened? you have to believe this creates real volatility and downward pressure on stocks. >> i think what's going on right now about this cliff is not anything real. it's politically driven and ron has it right. the only thing both sides of the aisle have done is decide not to raise taxes, but the whole argument is disingenuous. this is the fax code and they play a head game with us
for joining us on worldwide exchange today. happy holidays if you are in the states as well. we're just looking out for figures from the eu. services pmi numbers for the eurozone as a whole. we've had some of the broken down numbers. this is the eurozone as a whole. june services pmi came in at 47.1. 47.1. so below that sub 50 level which indicates contraction. but a bit better than had been expected. the forecast was for 46.8. came in at 47.1. also an improvement on last month when we had 46.7 was the reading. so better than expected. and an improvement on last month for the eurozone as a whole. >>> now at 1500 cet or 2:00 p.m. london time, bob diamond will appear in front of the security treasure. the question could be the role played by paul tucker. this after barclays released a memo between tucker and the ex-ceo of barclays. he's expected to mount a defense of his organization and that of his former employer. the outgoing chairman marcus aigis explained why he decided to leave just one day after his resignati resignation. >> he saw the public interest in this whole area had not red
the fiscal cliff in the news media this morning, he used the possibility of slipping back into recession. >> that's been going back and forth for a while and everyone's been saying it's not going to happen, not going to ppen. the macro data reports have been telling that story and forewarning it. it's a confirmation of that reality. >> we tested technical levels a little bit and key indices bounds off those. what are you watching? sn>> it was 13034 and we had broken through. if we get to 13029, you will see a lot of momentum jumping in and technically broken and initiate sale orders and there you go. and then you find a lot of support. >> we will talk to you a little later in the hour and get your recipe. i think we may need comfort food with this market. kenny, see you in a little bit. >> recipes are always great. here to tell us how to play a down day. it's starting to feel a lot like last summer. >> if we can hold this range after the bad news we've had, it's not such a bad thing. one thing we learned over the last year, leg into your position, don't buy anything outright. try to buy
to go up in the u.s. we can run it out and they can continue to be, but at some point that you're getting to, that game does come to an end, and maybe we're beginning to see some of that start to play out and hit an end point. >> jim, do you agree with that? putting the fed story aside, we know you don't think that is real in demand and really what should drive stocks, what about earnings? what's your take? >> we're looking for companies that have some form of under lying growth. we've jewed it as a low-growth environment, not much is happening, net. and the conflicting cross currents and earnings reports and sale social security what one would expect. we're trying to sort through and find the exceptions of companies doing well in this environment. this is not a rising tide that carries all boats environment. it's challenging. >> what would a technician say, jim? they would say that sentiment is negative, everybody thinks that we have all of these problems in the u.s., europe, and china is slowing down, and that's when you want to buy stocks. >> we don't see it as washed out at
's latest round of austerity measures. stephon joins us for more. stefan, in a way, not only the latest, but spain, there were two things that were supposed to happen. the bailout terms were supposed to be light. and it now looks with a memorandum of understanding that won't be the case. and also the eu is supposed to inject money directly into the spanish banks, and the spanish government not be responsible. and equally i guess that doesn't look like it's going to happen either. >> yes, it's going to be a built heavier than what the spanish government was planning to do. interesting timing also, russ. yesterday while the german lawmakers were voting in favor of the spanish bailout package, the spanish workers were in the street to protest against the new austerity measures. it's not the first time they are protesting against the austerity package, but it was the first demonstration organized by the two main unions of the country, the two main trade unions. in total, more than 80 demonstrations took place across the country. and it looks like the government is taking the situation very
it and frame it to others, is whether time is working for you or against you, time has worked for the u.s. we healed the corporate sector balance seats and a lot of the consumers balance sheets, and haven't done anything about the government. time is working against europe. that's why you had a lot of economists pleading to act quicker, and it shows you where traders are. people are short, so when you get people saying we'll use our balance sheet, even if it's only to buy time, that tells an investor if you're not facing a disaster, stocks are reasonably priced. i like to hear those comments. he is a close technician. he was watching 1330 like the rest of us and knows where to make his statements. >> and he put a floor under stocks. >> yes, look at the market internals, i'm not terribly delighted with what i've seen today, but on a day, if there's really good macro economic news, the industrials would be up strong and materials. it's utility stocks an consumer stocks. the market now believe most amount of central bank posturing is going to change the fundamental macro economic view. and indus
numbers out of china which we'll recap in a few moemts. rich, thanks very much, indeed, for being with us. look, we still got german manufacturers. despite the fact that we had some moves last week on the eu sum it, i don't suppose we'll be turning around the economics any time soon? >> no, but i think you've always got to be a bit careful when there's a lot of very negative headlines going around. sometimes they can get a little bit detached from the economy. >> richard, we're also seeing some differences across the region. anything that jumps out to you that we didn't expect? >> i think probably the concern is germany. basically, the model is some of these peripheries are in real trouble. so i think german pmi down in the mid 40s is a bit of a concern. it could get quite nasty for the whole region. >> i think the thing is is whether that reflects the global slowdown, as well. >> yeah, well, maybe this reflects the fact that german manufacturers have become a little bit worried abpaying for everybody else's dinner. maybe the higher taxes or the damage from the euro zone affecting their b
us tomorrow. "squawk on the street" begins right now. >>> good morning, welcome to "squawk on the street." i'm melissa lee along with carl, jim cramer and david faber live from the new york stock exchange and looks like we could be on our way to some gains today. we were down seven out of past eight sessions, but right now, looking at the 35. we're on the rise in anticipation of what ben bernanke may say on the hill today. let's look at the picture in europe. spanish borrowing costs lower this morning, but a little of the wait and see about ben bernanke. a mixed bag across the board. >> our road map today does start on capitol hill. does bernanke give a wink on qe3 or is this all about scolding congress on the fiscal cliff? we will have more in the next hour. >> and coca-cola delivers a solid quarter, but feels the head winds from fx and j&j delivers yet another disappointment. >> the stock hit 100 this morning for the first time since may, but blankfein says conditions are deteriorating. >> and marissa mayer takes the top spot. google and facebook continue to grab online d
. the company saying uncertainty in the u.s., code for the fiscal cliff, is to blame along with europe and asia and there is fears of slow growth ahead. so what will turn this market around? >> that gdp usual will a market mover, let's go to steve leisman, rick santelli, dan greenhouse. we're talking apple and netflix earnings after the bell. how important are the apple numbers to the overall health of tech and the market here as we don't e continue to see so much uncertainty and risk adversity. >> lit kal, and they will blow the doors off of earnings this afternoon with about $10.35 and revenues going through the rough. >> you thinks in going to blow the doors off. >> can i push back for a second? haven't we learned that apple doesn't lead the way for anything. i understand it's good for aing, but are they telling us about how the consumer is doing? didn't they have a unique market, and they take a bite at their own risk right there. >> doesn't it tell us about the consumer, steve? is it only about apple and not about the consumer given the iphone and ipad have been hugely popular. >> just go
and of course abroad are weighing on sentiment. >> in today's closing exchange, have some guests with us. rick santelli and brian shactman are with us. it was as bad as people initially feared because of alcoa after the bell? >> of course you have wells fargo and alcoa doesn't mean a lot to most of these guys. it's a commodity company that china has compromised in a lot of ways. we're all talking about kcummin right now, they also raised their dividend 25% and no one is talking about it. if you have a lot of cash, and there is a significant slow down, it does not matter. there's a lot of earnings warnings today that spooked a lot of people. >> yes, rick, it feels like people are waking up and saying this isn't potentially just a global slow down, this is potentially a global recession. so you're saying rotate out of the multinationals, places like europe, china, and those with currency head winds. >> yes, it's not rocket science. in the last two weeks we saw a lot of clients selling long positions. they could recove quickly if they were short, but you're selling a lot of long equities, they're
downdraft, but after a few weeks, this fiscal cliff, it's not going to be a big deal. use it to trade, get in your positions. >> darrell, the fiscal cliff will not be a big deal, that's what lee says. do you buy that thought? >> the key reason we're bearish is complacency set in again. the vix consistently signalled the market top for the last three years. volatility declined, but europe is continuing to get worse, and number two you have a major head wind for the fiscal cliff looming out there. you can trade equities, but we're short because complacency is low and there are many headwinds in front of us. >> so you're expecting a selloff, how significant of a decline and where will the leadership be on the downside? >> number one, our model port foal you shorted the broad market. we think what's going to happen is there will be dollar strength that will deflate commodities, and commodities are driven by global growth. we think global growth will continue to slow. that's collectively bad for k d commodities as well. >> rick, discuss, react. >> i think in the risk parameters our guests are
. hitting session lows around noon. but rebounding ever since -- not really enough to push us into the green important the s&p 500 if we can take a look at that time heat map. you see we are considerably more negative than we are positive. and it is really a negative sentiment stew of sorts, which would -- what is pulling us down. lingering concerns of europe. mixed jobs day hangover added to caution ahead of the official earnings season kickoff after the bell today. that's where we are getting all this red. it is risk-off trading. nearly all major sectors are lower. materials in the energy are trailing most of -- if i move out of the way, you can see thooefr here on the far corner and move down almost a percent here. health care, though, holding on to some gains of less than an hour left to trade. wti crude oil prices gain being 2% at one point as the strike in norway could show production important the world's fifth largest oil exporter. energy equities selling off on global growth concerns. we don't have them behind me but trust me, they are. health care getting a boost today as the natio
'm kelly evans. these are your headlines from around the world. >>> the u.s. jobs report is front and center while they're expected to pick up the pace but it may still not be enough to make a dent in overall employment. >>> china's second rate cut in a month fails to lift asian markets, sparking fears the slowdown may be worse than feared. >>> and second-quarter profit is set to rise thanks to smartphones, but concerns on europe are still weighing on its outlook. >> and europe is not the only problem. imf chief christine lagarde warns some of the world's major developing and emerging markets are slowing. >>> okay, so, we're off to the last trading day of the week. we finished with a bang, and what a week it's already been. >> i'm going to start calling this show "anchor exchange." >> yeah. >> it's finally to be back here, the two of us hanging out, just like old times. >> it is. i like it, i like it. and do you like the uncoordinated/coordinated action yesterday that didn't get anybody going? >> that's what to me was quite amazing, that you had such action from so many global cen
of porsche much earlier than expected. >>> okay. welcome to today's program. becky's with us today. >> i am. >> neither kelly nor i were here yesterday. >> i did three hours on my own. it was great fun. i did miss you. >> i am here now and kelly is down at the house of parliament reporting on what's going on. >> second day. i've been looking at the weather forecast. it's supposed to rain all morning. >> perfect. good. we're tucked up here. she's out there. we'll get to kelly later in the show. >>> we will go to singapore. bringing details of how the powerful sovereign wealth fund is shuffling its portfolio. >> we'll get analysis from a bond expert. that's come up in under 30 minutes and the results of the debt auction will be in an hour and a half. >> i'll be interesting to see what the ten-year is. we'll give you a taste of an interview with the chairman in dubai. >> plus, we'll be joined by a guest from houston who says without further qe from the feds, economy will be close to recession by fall due to the drag in europe. >>> we discussed the state of the commercial real estate market, th
for the banks? we have our panel with us. gary, let me kick it off with you, gary webbush. for putting money to work, do you want to sell or put money to work here? >> i want to put money to work here. i think the markets are at an extremely adraktive level. they're flush with cash, balance sheets are excellent. financing at very cheap rates, and the s&p is trading at a 15% to 20% discount. >> a good rally today david faber. i know all of the pages were sitting up stairs here at the exchange as you were going through them. what did you learn, is it behind them sm. >> for the most part it seems to be behind them, that being the massive losses that jpmorgan took very unexpectedly. we're talking $5.8 billion for the total so far. it could go up another $1.7 billion. that is the very limit, at least, according to management as to where it could go, but that is unlikely, again, according to jamie dimon, and all of the senior managers at the bank. for the most part it does seem to be, as you said, behind them. >> gary, what do you think about this? is the worst behind for the sector? a big rally t
. earnings season. but will the global slow down hurt u.s. stocks when they begin reporting next week? we'll go deep inside to tell you which stocks are a buy and which are a sell. plus, china's moment of truth, the world's second biggest economy is set to dump a ton of data next week. is a shocker in store? we'll reveal. and it's the airline every investor wants a piece of. what is it? tim's opening his ambassador indegs on a name he thinks is set to take off. "trading the globe" starts now. hi, everybody. welcome to the show. joined by tim seymour. tim runs the hedge fund that specializes in emerging markets and a collection of some of the best global investors in the business and the warning siren. it's basically run. yeah, the markets are in turmoil as fears of global slow down are heating up. the question i want to know and the people watching a at home want to know is a global recession on the way? >> it's a big question. if you look what happened this week yesterday in the span of 45 minutes we had three of the world's biggest central banks, the ecb, people's bank of china and a su
. they will lambaste me for that. but it can be a simple exercise when you use a purloined letter prism where the answers are right in front of you. edgar allan poe could have been the first portfolio manager. quoth the raven, buy low, sell high. so let's go to the moment i get out of the shower. first, because i work out i like to brush my teeth for a second time of the day. what do i use? no, not a bottle of jack. how did that get here? do i look like kesha other than the fact she uses a dollar sign when she spells her name? i use a toy. the church and dwight electric toothbrush. gets in the hard to reach places. church & dwight, which you know as arm & hammer, is one of my favorite stocks. an american innovator and brand line extender for everything from brillo to laundry detergents and toothbrushes. it's rallied this year when the averages are struggling. right in front of you. 7%? no. 25. my toothpaste? let's see. well, colgate which uh i regard as the great toothpaste innovator. these guys are the edison of toothpaste. i like total. it does the job for me. must be doing the job for othe
caruso-cabrera. becky is off but joining us from sun valley on thursday morning along with warren buffett, alan simpson and erskine bowles. we're calling it searching for solutio solutions, avoiding fiscal cliff. >> china's surplus jumps. chinese officials are warning exporters face rising risks of trade protectionism abroad. the comments come a week after u.s. filed a trade dispute. from asia to europe, eurozone ministers agree to give spain an extra year to reach its deficit reduction. regulators are not you in the hot seat over the libor scandal. "new york times" reporting american and british lawmakers want to know whether regulators loud those banks to report false rates to the run up to the 2008 financial crisis and afterwards. yesterday the house financial services committee oversight panel sent a letter to the new york fed about it asking for transcripts from at least a dozen phone calls in 2007 and 2008 between central bank officials and executives at barclays. michelle. >> in corporate buzz this morning alcoa reporting better than expected second quarter earnings and rev
and the economy pushed down stocks more this week. with us today larry from barclays. ryan jacobson from wells fargo advantage funds. bob, what do you think? where do we go from here? what are we to make of today's big drop at the open? then this -- bit after comeback. >> well, what you saw today was classic tug of war between the macro economic issues of europe and in contrast with the solid fundamentals we saw on the corporate side last week. early in the day macro economic issues were ruling but we saw some resilience later in the day reflecting the solid valuations at earnings for the most part we have been seeing. >> were you a buyer or seller today? >> well, when the s&p 500 is around 1350 that's actually my target for the end of the year. i don't necessarily view this as a buying or selling opportunity. i think that it is an opportunity for people to just reallocate amongst the various sectors and in this environment i actually really like energy stocks especially those big integrated oil companies that have a lot of cash. i think investors should rationally be looking at that as an opp
profit warnings hurt by slowing growth. >>> and citigroup kicks off a big week for u.s. corporates as the bank reports second-quarter results before the opening bell. >>> plus, it is inflation softens in june raising hopes the central bank will cut rates at the end of the month. >>> there's nothing like a reunion. >> he's back! >> i am. this is fantastic. it's good to be here. i, look, while i was away, what's going on with your guys on that side of the pond? >> the americans -- >> are they so desperate for new york to reclaim the title of lead financial center that they want to dump the bank of england, the bba, all the regulators over here over the libor? >> look, i just think we can't get new york to pay enough attention to what's going on over here. >> but is that the plan? is that, they just want to get supremacy back by dumping everybody over here in it? >> look, i'm sure people in new york, at least, in the financial industry, would love if london's reputation is hampered by everything -- >> it's tarnished. >> -- that's going on. >> we can do that on our own well. we don't n
woe save the euro and stop buying yields from poor countries from spiking using any means necessary. and the move will continue until the squabbling begins in and the year of good feeling ends. we do get to make some money minimum. how about the earnings front? all right. let's take a look. i like this company very much. for starters, monday, going to hear from anadarko after the cl growth story and totally stalled. natural gas done going down, kept hearing that chatter? anadarko said the things, the best place could be apache. why? that reports thursday a good opportunity to pick some up ahead, their product profile is very similar. also on monday, the sound system for some of apple's best products comes from a company called cirrus logic. while they can't talk about apple without the risk of losing that account, their forecast could give us the clue we need to figure out when apple is going to launch the iphone 5 that is the most important piece of the puzzle for this stalled tech stock i think about ready to take off. then masco. houses coming back this kitchen and bath might be
's really going to back this stuff up. now he has to show us the money and do that. he may have some time to do it. >> bare you talking to people over there? >> i did but they were speaking foreign languages. i listened and i was picking up a few things. i picked up a few things. facebook upgraded to market perform to underperform, but the price target taking it down to 23 from 25. the upside is slightly less uncertain at this point and much less expensive. you wonder -- we did talk about that. anything that gets -- that comes out of the box near $100 billion, it's just hard. it's hard work, and where are we now? >> what's the market with the company now? 45 billion? >> i thought it was 65. >> there's people even where it is right now that say it's, you know, a $30 billion company when it's all said and done, but who knows. who knows what it's valued at. shares of cirrus logic jumping after the bill. they may mixed signal integrated chips and circuits. they beat the street in the current revenue and tops consensus. accretive health is sejs selgtsing with minnesota over a hospital debt col
sales, philly fed survey and leading indicators so it's plenty to keep us busy. regulators are focusing in on four big european banks. they are reporting regulators suspect barclays traders were just the ring leaders of a circle that included agricole, hsbc. can libor be reformed or is it damaged it should be scrapped. let's go over to andrew. >> we got some earnings this morning. ibm posting better than expected second quarter earnings. that was after the close. revenues fell short, but the company is raising its full year guidance despite weak tech spending. american express earnings also beat the street. revenues at the credit card company falling short of estimates as spending growth moderated. i don't know if that happened in my household. the chinese government set toby liquid private equity assets of gm's under funded pension plans. "financial times" saying china is willing to pay between $1.5 billion and $2 billion. >> ibm surged on that raising guidance and that did allay some fears about technology. a few other stocks to watch. united technologies is in final discussions to se
for the economy ending with the jobs report on friday. there will be a half day of trading on tuesday. the u.s. markets are off on wednesday for the fourth of july holiday, and then the fireworks, and then on friday, the june employment report, the factory activity hitting a seven-month low. the lowest level since 2011, a change from a month ago. and japanese manufacturing sentiment, improving from the prior assessment. joe? >> thanks, steve. you have got to do that again. just for me. >> enrique? >> keep going. >> enrique, and -- >> what a great way to start a monday. >> that's the new guy. when we go to break, will you work with me? i may have to say that. >> i can roll my tongue with the best of them. enrique. enriqinreubenriqu enrique. >> this barclay guy, does he say the buck stops here. >> no, the pound stops here. >> i am surprised the brits don't say the pound stops here. several deals. bristol meyers, $31 a chair. and amylin, it traded in the $15 range before reports was servicing that bristol meyers was interested in a buyout, and they are collaborating on the products once it's comp
clearly let down after the u.s. added an anemic 80,000 jobs last month. that was below the worst expectations. volume is very light today, but none the less, it is still a bad day for the bulls. sell off on the open today for the dow andside w sideways sinc. the nasdaq is up right now, a 29 point decline to 29-26, and the s&p is down at 1250. >> let's get straight to the market action here. and the and the sell off and what it means for people down the road. >> we have paul shatz, and dan greenhouse. good to see you all, thank you for joining us, paul, i want to kick it off with you, we're focused on the jobs number, but next month the earnings parades begin. how do you want to be positions? >> alcoa is presenting next week. >> how about jpmorgan. >> the markets should have a lit the bounce of monday, selling on tuesday and wednesday. i think this is a trading pull back. maybe it's 3%, 4%, or 5%. maybe we will close the gap from last week. maybe it's 1325 on the downside, but i think we're range bound. >> you're looking for a fall swon. dan greenhouse, you're defensive aren't you
their sleeve much worse than they gave us, a slew of data this week. a couple things that concerned me. one, electricity production in china is down significantly year over year. steel prices, iron ore, coke and coal, a lot of that part of the commodity complex i don't think recovers anytime soon. but what's interesting about the chinese data is relative to expectations china is now for the first time this year tracking better than the united states is relative to expectations. i think that's really the story of this week and today. people think the central bank of china, the people's republic bank of china, is going to come to the market with more aggressive stimulus. >> right. >> and that gives riskier assets a lot more room to run. >> so maybe the data today was good enough to facilitate a soft landing in china but bad enough to keep the pboc in play. ron, let me get to you. if the markets have been rallying in part on these chinese stimulus hopes where exactly is that money going and what's the trade? >> yeah, the trade is i think very simple. you've got to really anticipate where is th
of the day's other headliners joining us on set throughout the morning. >>> first, the latest headlines on this wednesday morning. >> fed chairman ben bernanke will be back on capitol hill this morning, as part of a two-day of his semiannual humphrey hawkins address in front of the financial services committee. yesterday he stopped short of predicting more stimulus for the economy but he did warn of ri risks. >> we are looking very carefully at the economy. trying to judge weather the loss of momentum we've seen repeatedly is enduring. and whether or not the economy is likely to continue to make progress towards lower unemployment and more satisfactory labor market conditions. if those conditions -- if that does not occur, obviously, we have to consider additional steps. we've looked at a range of possible tools. mostly again involving the balance sheet and communication. >> in earnings central we also have a few names to watch this morning. bank of america, honeywell and blackrock are names reporting before the bell. analystses looking for bank of america to report 14 cents a share. in
? >> you don't use impelling on purpose. compel is -- >> i think one involves a weapon. >> all right. futures? not going to happen before 8:30, not much, i would think, but i saw that as least as far as the s&p, we were indicated a little lower, down about three points or so on the futures. maybe we already looked. the oil board, take a quick look at what is happening in oil. we're at 85. it's been trading between 80 and 90 recently. the ten-year hasn't been the place where a lot of the action is. that's kind of stuck down there between 1.5 and 2%. the dollar was interesting yesterday, at least when viewed in terms of euros, all the way down to 1.23. and things were supposed to be much better. i saw amerimerkel made comments yesterday about no agreement for shared liability and everyone thought at least in the beginning there was an agreement for that. gold around 1,594. time for the "global markets report." kelly evans is standing by in london. good morning, kelly. >> good morning, joe. happy friday. we've got decliners out-pacing advancers by about 7-3 today, but as you just indica
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